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SLB and Hunt Oil ink deals with PDVSA as Venezuela oil revival picks up
The new U.S.-company agreements point to AI and drilling support plans, and Venezuela’s production ramp could affect global energy supply given its large proven reserves.
Venezuela’s long delayed effort to revive its oil sector is gaining momentum, with U.S. firms announcing deals with the state producer PDVSA, Oilprice reports.
According to the outlet, oilfield services company SLB said it will provide AI software to facilitate drilling and is working to import oil rigs into the country. Texas-based Hunt Oil also signed a production agreement with state-owned PDVSA, as described by Oilprice.
Oilprice notes that Venezuela holds an estimated 303 billion barrels of proven oil, about 17% of the world’s total, but produces roughly 1% of global oil supply due to decades of underinvestment, mismanagement, and sanctions. The outlet adds that additional deal announcements could accelerate in the coming weeks as international oil companies compete to secure exposure to Venezuela’s reserves.
Oilprice also frames the potential impact in a wider energy context, pointing to ongoing supply risks and disruptions that have affected global oil and gas flows, including the closure of the Strait of Hormuz that previously carried about one-fifth of world oil and gas trade on a typical day.